Pentair to Acquire Erico Global Company
Pentair Plc has agreed to buy Erico Global Company for US$1.8 billion in cash, including the repayment of Erico debt. The purchase will expand Pentair’s portfolio in growing commercial and industrial sectors.
Based in Solon, OH, Erico is a global manufacturer and marketer of engineered electrical and fastening products for electrical, mechanical and civil applications. The company has 1,200 employees in 30 countries.
Brands include:
• Caddy fixing, fastening and support products
• Erico electrical grounding, bonding and connectivity products
• Lenton engineered systems
“The addition of Erico’s complementary business will expand our presence in the commercial and industrial sectors,” says Randall J. Hogan, Pentair Chairman and CEO. “Erico has a strong global business and valued brands, making it a perfect fit for Pentair. We have similar cultures and serve similar industries with complementary products, which will create a broader and stronger offering for our end users.”
The transaction values Erico at 12 times its 2015 forecasted EBITDA. The transaction is expected to close this year.
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